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Why Dogecoin immediately surged 25% after Elon Musk tweeted about it

Published 12/20/2020, 09:38 AM
Updated 12/21/2020, 11:40 AM
Why Dogecoin immediately surged 25% after Elon Musk tweeted about it
TSLA
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BTC/USD
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The price of Dogecoin (DOGE) rallied by roughly 25% on Dec. 20 as Tesla (NASDAQ:TSLA) CEO Elon Musk once again drew attention to the meme-inspired cryptocurrency.

Elon Musk and his enthusiasm toward Dogecoin is a long-running meme. Every once in a while, Musk likes to tweet about Bitcoin (BTC) and the crypto market. When he does, the market reacts to it quite aggressively.

Dogecoin 1-hour price chart (Binance). Source: TradingView.com

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